CMHC's minimum down payment guideline requires 5 percent of the purchase price up to $500,000, and 10 percent on the portion above that, and the deposit you saved usually counts toward that down payment at possession rather than being a separate cost.
Buyers who show up with a saved deposit and a mortgage pre-approval move faster once they find the right home, since the paperwork that usually slows a deal down is already sorted before an offer goes in.
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